Posted on 10/24/2022 7:46:29 PM PDT by Berlin_Freeper
The U.S. is exporting more LNG to Europe as a result of Russia’s war in Ukraine and cuts made to natural gas supplies ahead of winter, but there has been a buildup of LNG vessels waiting to unload at ports with European infrastructure unable to handle the increased LNG shipments.
Sixty LNG tankers have been idling or slowly sailing around northwest Europe, the Mediterranean, and the Iberian Peninsula, according to MarineTraffic. One is anchored at the Suez Canal. Eight LNG vessels that came from the U.S. are underway to Spain’s Huelva port.
... European gas prices had soared above 340 euros ($332.6) per megawatt hour in late August, but this week dipped below $100 for the first time since Russia cut supplies. Before the war, the price had been as low as 30 euros.
(Excerpt) Read more at cnbc.com ...
All this and the US will probably be short LNG and freeze this winter.
Watch for some ‘accidents’ with the waiting vessels.
Note: In effect, “floating storage”.
And we’ll be short here in the US as a result, plus will we see some get sunk or have fires?
US doesnt use LNG, other than in trivial quantities. The US uses piped nat gas. Now, a lot of nat gas has been used to make LNG, but lower LNG prices and a glut of LNG should bring down natgas prices.
And whaddaya know:
https://www.nasdaq.com/market-activity/commodities/ng%3anmx
While we’re at it, seems like a good place to mention that a lot of US coal is getting shipped to fire european coal fired plants, which is spiking coal prices in the US. What a damned mess we are in, all because the Defense industrial machine needs its next forever war.
True, but still at triple the 2020 prices.
You are hoping Americans get killed on the ships for your God Putin?
Someday we’ll find out what it’s like when an LNG tanker-load of gas explodes. Security for critical infrastructure is becoming MUCH more problematic because of drone tech.
Somebody blew up two large gas pipelines on the seabed. If their objective was, as we assume, to improve the market for LNG, economically impair Russia, and deleverage Putin’s influence over Europe, then those gas tankers at sea are probably safe.
If the pipeline exploder was, on the other hand, attacking Europe by cutting off its energy (as Putin might), then I see no reason why those LNG tankers would not also be targeted.
Imagine an LNG ship is at anchor in the night and a small quiet drone emerges from the sea surface, flies up and deposits a package which magnetically attaches to a tank or crucial pipe. Then the drone disappears back into the ocean, where it sinks to the bottom or is retrieved by the submersible craft which brought it. What are the odds such a drone would be detected?
At a preset time or on coded radio command, shaped charges in the packages would detonate and blow up the ships, probably all simultaneously for maximum effect. So if that happens, then we know what those blown-apart gas pipelines were about as well.
Did we ever hit the “may you live in interesting times” jackpot, or what?
Most goes to Asia but have increased b/d to Europe over 2021 levels.
eia.gov
2020 prices were depressed, Covid you know.
You are now at about 2X the median of 2021. Or 2018-2019.
Putting on my pundit hat, I expect futures will continue to fall. You could make money on that!
The suppliers/shippers should be charging for ‘wait time’ to unload, IMO.
US coal was depressed for years due to enviro madness.
This export business is a welcome windfall. It wont last, but a good thing nontheless.
The price of coal, as fuel, is a very small proportion of electric rates, because coal is so cheap. A way higher proportion of the cost basis of coal generation is taken up in operations costs, etc, vs fuel costs. Nat Gas prices matter much more vis a vis electric rates.
Yep.
Waiting for the instantaneous end of recession, sky high energy and heating prices, protest over energy prices, etc., industries to stop closing or moving, businesses filing bankruptcy, firewood prices to drop, butter and meat to not come with anti-theft alarms, etc., etc., etc. to happen anytime soon, like 10, 9, 8, 7.............like when?
Hell, maybe all this goodness being reported by you peddlers will get Russia to stop building ‘EU troll’ heating points....
“Russia offers ‘heating points’ in EU cities”
https://thepressunited.com/updates/russia-offers-heating-points-in-eu-cities/
WTF are you talking about?!
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